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An Insurance Company
An Insurance Company leases one copy machine for $45 per day that is used by all individuals at their office. An average of 5 persons per hour arrive to use this machine, with each person using it for an average of eight minutes. Assume the inter-arrival times and copying times are exponentially distributed. Also assume that a person arriving before the end of the work day (8 hours) stays until finishing her copies.
On average, how many persons in an eight-hour day use the machine? How many total hours per day on average are used in making copies (not counting wait time for the machine)? Hint: You don’t need simulation for this part – just simple reasoning.
Doing a Monte Carlo simulation with EXCEL for 100 replications, how long on average will a person have to wait before getting to use the machine?
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